As per the agreement, Saipem will invest in 59,338 square meters of land in the region for the company's operations in the Middle East and North Africa.

Al Mazrouei said that this investment is the culmination of the HFZA’s efforts in attracting foreign investments to the emirate of Sharjah and highlighting it as an important economic centre. He pointed out that the free zone in Hamriyah is characterised by several factors that make it attractive to investors.

Saipem began its operations in the 1950s with limited activity in the supply of land pipes, drilling and construction. It gradually expanded its operations to include the development of land and sea oil, gas fields, drilling, and laying deep water pipes for more than 68 countries, while employing over 40,000 employees worldwide.

The company's officials expressed their confidence in the HFZA and thanked them for their support and facilities, which will ensure the success of the new investment project.